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Identification with Taylor Rules: a Critical Review (2007)
by
John H. Cochrane
| Citations: | 25 - 3 self |
BibTeX
@TECHREPORT{Cochrane07identificationwith,
author = {John H. Cochrane},
title = {Identification with Taylor Rules: a Critical Review},
institution = {},
year = {2007}
}
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Abstract
The parameters of the Taylor rule relating interest rates to inflation and other variables are not identified in new-Keynesian models. Thus, Taylor rule regressions cannot be used to argue that the Fed conquered inflation by moving from a “passive” to an “active ” policy in the early 1980s.
